We decided to take a break and have two additional weekend days last week. We are certain that such a break is going to benefit us and that this week, we are going to impress you with new features and expanded capabilities.

So, here’s what we did last week:

Scientistnik:

We mainly focused on refactoring, integrating the Travis CI automatic testing system, and fixing a few display errors found in dApps (for example, we decided to increase the notification display time), as well as completing the following tasks:

Refactoring: Deposit and Faucet

Refactoring: Loan, Loans, NewOffer

Refactoring: DAO and NewProposal

Placing validators into a common (shared) plugin

Loan date: present in the form of days

Evercodex:

This week’s tasks were intended to improve the UI/UX, which made working with dApps a lot more convenient:

A variety of plugins were refactored

A streamlined form for convenient, machine-treatable report parameter filling integrated (for the owner)

An additional contact parameter display was integrated

We also integrated Vuex for centralized, pervasive parameter storage of dApp contracts and settings, which made the app work faster overall.

We’re happy to announce our European partner Paynote.eu.
Paynote.eu is Legal Licensed company of electronic currency exchange, with the great rate, and instant SEPA bank transfers.
You are able to exchange LibreCash to Euro with Paynote.eu now.

Our small but tightly-knit team is here to tell you what we’ve done this week.

decodemybrain: Any release is a complex and demanding moment, besides it is an important “toggle switcher,” so to speak: it switches the brain to the change recording and registering mode. Well, you know – you just want to keep refactoring the code again and again…

We’ve integrated bug-bounty contracts: if you can find a bug in our contracts, resulting in the possibility to get a large number of tokens, or if you break one of the key conditions, you get the money.

For your convenience, contracts will be published on Mainnet (to get a reward) and on Rinkeby – there you can train without actually spending real ether.

For your convenience we’ve implemented a small dApp (see our repository, dev thread), making it possible to easily deploy your contract version for testing in two clicks.

Also this week EverCodex helped us to significantly revise dApps in terms of design and user-friendliness. We fixed the layout, added notes and comments to elements. Also, during the process of preparing the release, we refactored the code, which positively affected the stability and speed of operation.

The fix of processing the Metamask transaction cancellation in Firefox was added (the behavior is a bit different from the same in Chrome).

We also thank him for: integration of menu auto generation, fixing the data filtering and adding the feature of Metamask absence processing.

Scientistnik: we excluded the developer’s debugging functionality in oracles – change in the request initiator contract, we’ve reduced the default gas prices constants, and completed the proposal of changing the arbitrator in the DAO’s contract, integrated the profiles system in migration and tests, which made the writing and launching process more convenient.

We’ve also integrated the feature of contract termination upon its expiration or it becoming irrelevant, which allows us to get rid of the problem of irrelevant contracts and other mess. We’ve added the possibility to re-use the oracle upon being changed, and unified the names of the exchanger’s and the bank’s methods.

Hello!

For the last six months, we have been working on the development of a stablecoin with transparent security, controlled by smart contracts and a DAO. We would like to share with you the results of our work.

What is LibreCash?

LibreCash is a stablecoin tied to a one-to-one dollar rate, with emissions and token-burning through smart contracts on the basis of the proof-of-reserve principle. Current implementation: ERC20-token of OpenZeppelin.

What is a stablecoin, and why is it needed?

A stablecoin is a coin or a token with a constant, stable rate and no volatility. If the economic model makes it possible to provide a truly stable value, then there can be many ways to use such a coin, similar to fiat currencies but without excessive regulation by authorities and large commissions for withdrawal. Possible uses include the following:

Predictable storage and accumulation of funds without withdrawal to fiat.

Insurance of exchange-rate risks for the period of withdrawal from volatile assets.

For sellers, the pricing of goods and services without the need for constant monitoring due to a constantly changing exchange rate. For buyers, the payment for such goods and services at reasonable prices.

Micropayments.

Lending.

Signing contracts—short term, long term or contracts with deferred payment.

What is the difference between LibreCash and similar projects?

We know at least 15 projects that aim to create a stablecoin. Some of them have already been known for a long time and have repeatedly appeared in the news, while others are only at the stage of concept elaboration.

The main differences:

Users initiate issue to circulation of LibreCash token after buying it through the autonomous smart contract.The realization is secured by ETH, which is frozen in the reserve fund as a security. When withdrawing tokens from the turnover, the user receives the security from the reserve fund at the current exchange rate.

The LibreCash economic model is transparent to the user. The number of emitted tokens, their supply, and the exchange parameters are calculated automatically, protected from forging, and available in DApps and blockchains.

LibreCash is not based on funds in bank accounts and trust funds, and the security is not related to the assets of the traditional financial system. This setup circumnavigates the risks of centralization and regulation, which prevents loss of token value.

What is LibreBank?

LibreBank is a decentralized autonomous organization (DAO) responsible for ensuring the liquidity of LibreCash, the stability of the system, and the financial privacy of its users. The DAO also takes it upon itself to solve technical, commercial, legal, and any other issues related to the development of the system.

When reading this text, please note that when we use the term “DAO,” we don’t mean the technical solution of the Ethereum platform or its analog but rather the organization as a whole, which is decentralized and in which the algorithm prescribes certain rules for the interactions of its members.

We will provide special tokens—LibreBank Reserve Share (LBRS), which are the shares of all LibreBank assets and liabilities—to manage LibreBank and provide liquidity to LibreCash. LBRS owners assume the risk of volatility in the capitalization of the reserve and other funds as well as the potential for increases in their value and profit. Holders also reserve the right to vote in the management of the DAO in accordance with their share.

How does it work?

The release of LibreCash into circulation:

The user initiates the purchase through a smart contract.

The user pays a fee for the release of LibreCash and transfers ETH to the smart contract address. The received commission and ETH are placed in the LibreBank reserve fund.

The user receives LibreCash.

Example:

Price: 1 LibreCash = 1 USD, 1 ETH = 499 USD.

Commission for the release of LibreCash: 2.5% (0.025).

The user wishes to buy LibreCash for 2 ETH.

The user transfers 2 ETH, paying a fee of 0.05 ETH (2 ETH * a 2.5% fee). 1.95 ETH (2 ETH − 0.05 ETH) is frozen in the reserve fund as a security for the tokens to be transferred to the user. 0.05 ETH are also placed in the reserve fund as additional supply.

The user receives 973.05 LibreCash (1.95 ETH * 499 USD).

The withdrawal of LibreCash from circulation:

The user initiates the withdrawal of LibreCash from circulation through a smart contract.

The user pays a fee for the withdrawal of tokens from circulation and transfers them to the smart contract address. The received commission is placed in the LibreBank reserve fund. The received LibreCash tokens are withdrawn from circulation.

The user receives ETH.

Example:

Price: 1 LibreCash = 1 USD, 1 ETH = 501 USD.

Fee for the withdrawal of LibreCash from circulation: 2.5% (0.025).

The user wishes to sell 973.05 LibreCash.

The user transfers 973.05 LibreCash, from which a commission in the amount of 24.33 LibreCash (973.05 LibreCash * 2.5% fee) is deducted. The commission is placed in the reserve fund to increase the stability of the system. The user receives ETH equivalent to 948.72 LibreCash (973.05 LibreCash – 24.33 LibreCash).

The user receives 1.893652695 ETH (948.72 LibreCash / 501 USD).

What if ETH fell to 250 USD and the user wanted to sell LibreCash? Building off of the example given above, for a total of 948.72 LibreCash, instead of 1.893652695 ETH, the user would receive 3.79488 ETH (948.72 LibreCash / 250 USD).

The funds would be compensated to the user at the expense of the LibreBank reserve fund.

Another example: What if the ETH price rose to 750 USD and the user wanted to sell LibreCash? For 948.72 LibreCash, instead of 1.893652695 ETH, the user would receive 1.26496 ETH (948.72 LibreCash / 750 USD).

The LibreBank would receive a profit from the growth rate, and the funds would be left in the reserve fund to increase the stability of the system.

The idea behind the project is a social and economic risk-distribution scheme in which the LibreCash holder eliminates the risk of losing funds due to volatility but also abandons the profit potential by shifting it to LibreBank and LBRS token holders.

What has already been developed?

The LibreCash token. The ERC20 standard is implemented in the version from OpenZeppelin with the possibility of additional emission, liquidation, and transfer of rights of the owner. Source code.

An autonomous smart contract for the purchase and sale of LibreCash for ETH. Source code.

A web wallet based on MyEtherWallet that enables the purchase and sale of LibreCash for ETH, as well as the transfer of tokens to other users. Source code.

A decentralized application (DApp) that provides access to information on funds in the LibreBank balance (data from public block explorers), the number of emitted tokens, and the current exchange parameters and informs users about key project events. Source code.

The oracle system for loading data about the current exchange rates from external sources into smart exchange contracts LibreCash. Oraclize and LibreBank’s own oracle LibreOracle are being used. Source code: oracles, libreoracle.

The prototype of an autonomous smart contract for the purchase and sale of LibreCash for ETH, with the possibility of emission and liquidation. Source code.

The prototype of the DAO smart contract for managing the parameters of an independent emission smart contract based on the standard contract of DAO Ethereum. The influence of a user’s vote is determined by the user’s balance in the LBRS. The role of an elected arbitrator who can veto the outcome of any voting is implemented. Source code.

What are we working on?

The development of the decentralized system of oracles, the mechanism of their automatic ranking, and the deletion of distorted data, as well as the development of the economic motivation model of data providers.

The fully automatic emission and elimination of LibreCash tokens.

An economic audit and safety audit in the prototypes’ test network of the emission smart contact, the DAO, and the DApp for voting.

Join our team

If you are interested in our project and think that you can help develop, test, or support it, please contact us at [email protected].

We are continuing to form our team and are looking for people who can contribute to the project.

To our partners

We invite for cooperation:

Exchange services

Exchange markets

Wallets

Payment services

Escrow services

Any other projects that benefit from the integration of a token with a stable value